Concept of market economy given a decent burial!

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From Fazle Rashid
NEW YORK, Dec 12: The concept of the market economy, partially though it may be, was given a decent burial by the House of Representatives of the US Congress yesterday as it passed the financial regulation reforms bill in the face of stiff opposition from the Republicans and the conservative Democrats. The legislation says very clearly to Wall Street that Party is over, the New York Times quoted Ms. Nancy Pelosi, Speaker of the House as saying.
The Democrats worked through a dense of proposals. The Democrats hailed the passing of the law saying it would better protect consumers in their dealing with banks, credit card companies and other selling financial products while holding executives rather than taxpayers accountable for bad business decisions, NYT said in a report.
The new legislation gives the government power to "seize and wind down a failing financial institution, to push more derivatives through clearing houses and give the investors a non-binding vote on directors' pay". Democrats hit back at the Republicans opposing the bill saying that they are siding with corrupt Wall Street executives rather than helping the public from the abusive financial practices and prevent another Wall Street collapse.
And in Copenhagen the sharp differences exit between the rich and poor nations over the level of emission cut to be agreed by the developed countries and no firm promises of financing has yet emerged. The EU has pledged a donation of euro 2.4 billion for the next three years to help the poor nations. The promise is just a drop in the ocean. It not only remains far short of the grand total of $100 billion a year the EU pledge is woefully short of $10 billion being demanded by the poor countries.